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Isramco Secures $750 Mln in Loans for Gas Field

Source: Reuters 5/16/2011, Location: Middle East

Oil and gas exploration company Isramco Negev said it has secured two loans worth a total of $750 million from Deutsche Bank and other groups to push ahead with work at the Israeli offshore natural gas field Tamar. Isramco said a bridge loan of $350 million would be available over the next three years. A second loan in shekels worth $400 million can be used by the company until 2024.

Isramco is in a consortium led by U.S. energy firm Noble Energy NBL.TAL that discovered Tamar in 2009. With estimated reserves of 8.4 trillion cubic feet, it was the year's largest natural gas find.

The group has said costs for developing the field could reach about $3 billion, and Israel hopes production will start in 2013.

Noble has a 36 percent stake in Tamar and Isramco has 28.75 percent. Two Israeli partners -- Delek Drilling and Avner Oil Exploration -- each have a 15.625 percent stake. Dor Gas owns 4 percent.

Avner is also part of a second Noble-led consortium that owns the smaller Yam Thetis field off Israel's Mediterranean coast. The group extended its contract to supply Hadera Paper with natural gas until mid-2013.

It said the deal was for 210 million cubic metres (BCM), with an option for either side to extend the timeframe if the amount has not been reached.

Avner, which has a 23 percent stake in Yam Thetis, said the value of the deal was estimated at $63 million, but could fluctuate with changes in the global price of oil.

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Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 

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